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DOJ invited to participate in Ocwen’s challenge to CFPB’s constitutionality

A Florida federal district court has granted the motion filed by Ocwen Financial Corporation to invite the U.S. Attorney General to express the AG’s views on the CFPB’s constitutionality....more

CFPB June 2017 “special edition” complaint report expands state-level data and analysis

The CFPB’s June 2017 complaint report could serve as a call to arms to state attorneys general and regulators. Unlike the CFPB’s prior monthly complaint reports, the June 2017 report does not highlight complaints about one...more

CFPB issues 2017 FDCPA report

The CFPB has issued its fifth annual Fair Debt Collection Practices Act report covering the CFPB’s activities in 2016. According to the report’s section on complaints, the CFPB handled approximately 88,000 debt...more

Collection Letter Containing Check Box To Dispute Debt Created Potential FDCPA Claims, Federal Court Rules

A collection letter potentially violated the Fair Debt Collection Practices Act (FDCPA) because a box the plaintiff could check to indicate she disputed the validity of the debt was accompanied by a statement that a reason...more

Letter With Check Box to Dispute Debt Created Potential FDCPA Claims, Court Rules

A collection letter potentially violated the Fair Debt Collection Practices Act (FDCPA) because a box that the plaintiff could check to indicate that she disputed the validity of the debt was accompanied by a statement that a...more

CFPB seeking information on use of alternative data in credit process, including by small business lenders

The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process. According to the CFPB, the RFI stems from the Bureau’s desire...more

CFPB’s national debt collection consumer survey findings lays groundwork for future enforcement and rulemaking priorities

Early yesterday, the CFPB released the findings of its national debt collection consumer survey. Both the headline of the CFPB’s press release and Director Cordray’s remarks highlight the survey’s finding that “over...more

D.C. Circuit Holds CFPB Structure Unconstitutional, Interpretation of RESPA Not Entitled to Deference

The D.C. Circuit yesterday issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million...more

CFPB Previews Debt Collection Rule in SBREFA Outline

The Consumer Financial Protection Bureau (CFPB) has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel....more

FTC Highlights FDCPA Risks for Debt Collectors Using Social Media, Texts

The Federal Trade Commission (FTC) recently published a reminder to debt collectors of the Fair Debt Collection Practices Act (FDCPA) compliance risks that are created by the use of social media or text messages in connection...more

CFPB denies petition to modify CID

On December 2, 2015, the CFPB denied a petition for modification of a Civil Investigative Demand (CID) filed by UniRush, LLC. In doing so, the CFPB reinforced its view that such petitions are disfavored. However, in denying...more

Pew urges CFPB to finalize prepaid card rule

In its new report containing its findings from a survey of prepaid card users, The Pew Charitable Trusts urges the CFPB’s “speedy adoption” of its proposed prepaid card rule. The CFPB’s proposal, which would mandate new...more

An Opportunity to Collaborate? The CFPB’s credit report study

On February 19, 2015, the CFPB released its credit report study, entitled “Consumer voices on credit reports and scores.” After conducting focus groups with 308 consumers in four major metropolitan areas, the study concludes...more

Furnishers Beware – CFPB Signals That Civil Penalties May Be Appropriate Even Without Any Actual Consumer Injury

Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers....more

ABA and CBA Express Concern That The CFPB’s Consumer Debt Collection Survey Falls Short

On May 6, 2014, the American Bankers Association (“ABA”) and Consumer Bankers Association (“CBA”) submitted comments to the CFPB’s “Debt Collection Survey from the Consumer Credit Panel” (the “Survey”). While the ABA and CBA...more

The CFPB’s response to June 20, 2013 Congressional letter regarding the indirect auto lending bulletin: raises more questions than...

On August 2, 2013, the CFPB responded to the June 20, 2013 letter from 35 Republican members of the U.S. House of Representatives, questioning the manner in which the CFPB developed recent guidance regarding indirect auto...more

What is the CFPB thinking? An update from PLI’s 18th Annual Consumer Financial Services Institute

Last week, I had the opportunity to hear several high-ranking lawyers with the CFPB speak at PLI’s 18th Annual Consumer Financial Services Institute in Chicago. As an initial matter, the attendees owe a debt of thanks to each...more

5/7/2013  /  CFPB , Enforcement , False Advertising

CFPB Issues Second Annual Report on FDCPA Activities

The Consumer Financial Protection Bureau’s second annual report to Congress on enforcement of the Fair Debt Collection Practices Act (FDCPA) confirms that debt collection will continue to be a major CFPB focus in 2013....more

3/27/2013  /  CFPB , Debt Collection , Dodd-Frank , FDCPA , FTC

Prevailing Defendant Can Recover Costs in FDCPA Suit Not Filed in Bad Faith, Supreme Court Rules

A prevailing defendant in a Fair Debt Collection Practices Act (FDCPA) case can recover costs even without a court finding that the plaintiff filed suit in bad faith and for the purpose of harassment, the U.S. Supreme Court...more

FTC Continues To Target Debt Collectors and Debt Relief Companies

The Federal Trade Commission’s continuing focus on the debt collection and debt relief industries was clearly demonstrated by several recently announced lawsuits and settlements....more

Mortgage Banking Update - Febuary 06, 2013

In This Issue: - Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit - Industry Employers Should Prepare Now for Health Care Reform - Title...more

FTC Issues Debt Buying Industry Study

The Federal Trade Commission has issued a report, The Structure and Practices of the Debt Buying Industry, which the FTC has described as “the first of its kind” empirical study of debt buyers. ...more

2/1/2013  /  CFPB , Debt , Debt Buyers , Debt Collection , FTC

Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit

The U.S. Department of Justice (DOJ) has reached a settlement with Community Bank of St. Charles, Michigan, in a federal lending discrimination lawsuit filed by DOJ against the bank....more

Mortgage Banking Update - December 14, 2012

In This Issue: - CFPB Monitor Named to the ABA Journal Annual Blawg 100 List - Temporary CONGRESS PASSES LEGISLATION TO FIX CFPB PRIVILEGE WAIVER PROBLEM - CFPB DESCRIBES PLANS FOR COORDINATING WITH STATE...more

The Bureau and DOJ “agree to agree” on fair lending

On December 6, 2012, the CFPB and the Department of Justice (“DOJ”) executed a Memorandum of Understanding (“MOU”) aimed at strengthening their coordination in connection with fair lending investigations....more

12/11/2012  /  CFPB , Dodd-Frank , DOJ , ECOA , Fair Lending
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